What were Lore's 2005 net credit sales?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected data pertaining to Lore Co. for the calendar year 2005 is as follows:
Net cash sales
$ 3,000
Cost of goods sold
18,000
Inventory at beginning of year
6,000
Purchases
24,090
Accounts receivable at the beginning of the year 20,000
Accounts receivable at the end of the year
22,000
The accounts receivable turnover for 2005 was 5.0 times. What were Lore's 2005 net credit sales?
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